Teleflex
(NYSE: TFX)
today announced first-quarter results that beat the overall consensus on Wall Street.
The Wayne, Pennsylvania-based company reported profits of $78.7 million, or $1.62 per share, on sales of $710.9 million for the three months ended April 2, for a bottom-line loss of 0.5% and sales growth of 10.79% compared to Q1 2022.
Adjusted to exclude one-time items, earnings per share were $3.09, 12¢ ahead of The Street, where analysts were looking for sales of $686.86 million.
“We had a strong start to 2023 as our broad business momentum exiting last year continued into the first quarter” Teleflex CEO and President Liam Kelly said in a news release. “In the quarter, we drove revenue growth in all global product categories and expanded our overall margins year-over-year. We also executed against our new product launch objectives and continued our integration of Standard Bariatrics. Our first quarter performance keeps us well-positioned to deliver on our updated financial guidance for 2023 and on our long-term durable growth objectives.”
Sales for the quarter were driven by Teleflex’s vascular access division, which generated $177.7 million in sales. Its interventional segment also brought in $116.9 million for the quarter.
For the full year, Teleflex is updating its GAAP revenue growth guidance to 4.65% to 5.90%. It is lowering GAAP EPS from continuing operations guidance to $8.14 to $8.74 and reiterating adjusted diluted EPS from continuing operations guidance of $13.00 to $13.60.
Truist analysts thought investors were “looking for a bigger organic upside, given what we’ve been seeing reported from other large-cap MedTech players.”
Shares in TFX were down 6.92% to $253.30 apiece in mid-morning trading. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was down slightly.